Dubai property market breaks more records in August
City’s real estate sector sets highest monthly benchmarks for sales volumes and values in more than a decade as investors flock to capitalise on growth
Dubai’s real estate sector set another monthly sales benchmark in August, hitting its highest sales transaction volume and value in 12 years, according to Dubai Land Department data published by Property Finder.
The market recorded 9,720 sales transactions worth AED 24.3 billion (US$6.62bn), reflecting both strong demand and continued investor confidence.
Sales volumes for August rose 37.1% compared to July, while year-on-year (YoY) growth surged by an impressive 69.6%. In terms of value, the market grew by 16.1% month-on-month (MoM) and 63.6% YoY, showcasing the overall strength of Dubai’s real estate sector.
The off-plan property market recorded its best monthly performance in more than a decade, with 4,392 transactions worth AED 8.5 billion.
Transaction volumes rose by 51.1% MoM and 72.1% YoY. The sector’s total market value increased by an impressive 38.5% MoM and 76.5% YoY.
Sales transactions for completed properties jumped by 27.4% compared to July 2022, accounting for 67.5% of all sales. The total value of these transactions also rose by 6.7% MoM and 57.4% YoY.
Mortgage activity in Dubai’s real estate sector also reached new heights. August saw a 15.7% increase in mortgage transactions compared to July, and a 21.2% YoY increase, highlighting a growing trend of property ownership through financing options.
The rental market in Dubai recorded a moderate 10.6% MoM increase. However, YoY rental contracts dipped by 9.3%, largely due to an 18.9% decline in renewal rates. Despite this, annual rental contracts saw a 12.4% MoM rise, showing strong demand for long-term residential leases.
Overall, Dubai's real estate market continues to draw significant interest, fuelled by its strong economy, strategic location, and government initiatives designed to attract foreign investment. The impressive performance in August highlights the city's growing global reputation as a prime destination for international investors.